296 Report OF THE CHEMIST OF THE 
In regard to the actual market value, skim-milk can be pur- 
chased at creameries for 123 cents per 100 pounds, or one-half of — 
what we usually rate it for in theory. Since this is so, it will 
represent actual results more closely, if we deduct the latter 
amount in determining actual profits. 
We, therefore, present tabulated results showing the apparent 
and actual profit derived from selling milk. In determining the 
amount of money to be deducted for feeding and fertilizing values, 
we use the solids-not-fat as a basis for calculation, because the 
skim-milk of different breeds varies in both feeding and fertilizing 
value. We deduct the amount of fat which would, in butter- 
making, go into butter, from the entire yield of milk-solids. The 
remaining ,solids, mostly not fat, would have a theoretical 
value of about three cents per pound but a market value of half 
this, since, as pointed out above, skim-milk can be purchased at 
one-half of its real feeding and fertilizing value. By using the 
solids as a basis of determining the value of the skim-milk, we 
secure results that represent the truth more nearly than we 
should if we rated all the skim-milk at the same price per 100 
pounds, regardless of its composition. 
In the tables following we therefore present, first, the amount 
of apparent profit, that is, the total receipts less the food eaten; 
second, the calculated feeding and fertilizing value of the skim 
milk and buttermilk; third, the market value of the skim milk, 
which is one-half the calculated value; fourth, tke actual profit 
(No. 1) obtained by deducting the calculated value of skim milk, 
etc., from the apparent profit ; and, fifth, the actual profit (No. 2) 
obtained by deducting the market value of skim-milk, etc., from 
the apparent profit. 
